Google to Allow Crypto Wallet Providers to Run Ads But ICOs will Remain Banned

  • Alphabet Inc.’s Google will now let companies offering cryptocurrency wallets run ads starting in August.

Back in 2018, the world’s largest digital advertising seller banned ads for crypto and related products. A similar move was made by social media giant Facebook as well. But Google soon removed the ban for cryptocurrency exchanges.

Now, beginning in August, Google will let wallets run ads on search, YouTube, and their other properties as long as they go through the company’s certification process.

However, Google clarified that the ban would remain for initial coin offerings (ICO) and services.

The change is made by the company “in order to better match existing FinCEN regulations and requirements,” a spokesperson said Wednesday in a statement.

In other news, Apple co-founder Steve Wozniak lost his lawsuit against YouTube over videos that used his image to promote a Bitcoin giveaway scam.

YouTube and its parent, Google, are protected by the federal law that shields internet platforms from responsibility for content posted by users, said Santa Clara County Superior Court Judge Sunil R. Kulkarni in a tentative ruling on Wednesday.

Wozniak argued that Section 230 of the Communications Decency Act shouldn’t apply here because YouTube failed to remove the fraudulent videos, further “materially contributed” to the scam by selling the targeted ads, and falsely verified those channels.

But the California state judge said those factors weren’t enough to overcome the immunity provided by the Section. Wozniak has been given 30 days to revise his complaint.

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